Eli Lilly to cut insulin cost and cap out-of-pocket expenses for drug

Eli Lilly & Co. is slashing prices on its most-prescribed insulins and capping out-of-pocket costs for patients amid pressure from consumers and the Biden administration, Axios reports. The prices of Humalog, the company's top insulin product, and Humulin will fall 70% in the fourth quarter, according to the company. The price of generic insulin lispro, which is the same product as Humalog, will drop May 1 to $25 a vial, which Lilly says is less than Humalog cost in 1999. Lilly also said it would cap out-of-pocket costs for its insulin at $35 a month at some retail pharmacies.